详解A股公司“南下”新交所路径

Core Viewpoint - The second listing options for A-share companies are becoming more diversified, with the Shanghai Stock Exchange (SSE) and Singapore Exchange (SGX) collaborating to allow companies listed on SSE and Shenzhen Stock Exchange (SZSE) to issue S-shares on SGX for fundraising [1][4]. Group 1: Second Listing Mechanism - The "second listing" refers to companies seeking to list again on SGX after their initial listing [2]. - Under the second listing framework, SGX will primarily regulate these companies according to the rules of their first listing location, significantly reducing regulatory pressure [3][4]. - The expansion of SGX's second listing framework to include companies listed on SSE and SZSE is expected to enhance the transparency of processes and provide clearer pathways for companies to establish a robust investor base globally [4]. Group 2: Market Dynamics and Opportunities - Previously, A-share companies primarily chose the Hong Kong Stock Exchange for secondary listings; however, this trend may evolve towards listings on both A-shares and SGX, as well as potential tri-listings [5]. - The arrival of high-quality A-share companies is crucial for enhancing the global market position of the exchanges and increasing SGX's market activity [5]. - SGX's liquidity has improved, with a reported average daily trading volume of 13.4 billion SGD for FY2025, a 26.5% increase year-on-year, marking a four-year high [6]. Group 3: Incentives and Strategic Focus - SGX is actively promoting Chinese-themed products, including RMB and iron ore products, which may boost A-share companies' interest in listing on SGX [8]. - SGX's strategic focus on Southeast Asia, particularly its mature and internationalized market, positions it as an attractive option for A-share companies looking to expand their influence in the region [10]. - The presence of numerous Southeast Asian institutional and family investors is a significant factor in attracting A-share companies to consider secondary listings on SGX [10]. Group 4: Case Studies and Preparations - Companies like Kangji Pharmaceutical have already pursued secondary listings on SGX to extend their market advantages in Southeast Asia and the Middle East [12][13]. - Several Chinese securities firms have prepared for this trend, with firms like China Galaxy and Huatai Securities obtaining qualifications to act as sponsors for listings on SGX [14].